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When does a Deed to Secure Debt expire Georgia?
It will expire in 7 years if there is no 20 year clause.
What is the definition of deed to secure debt?
This sounds like another way of saying mortgage--the conveyance of property by a debtor to a creditor which, if the debt is not paid, can be kept by the creditor.
What is a mortgage security instrument?
If I am separted from my husband and not divorced yet can he get a Mortage (Security Instrument) on land that he purchased before we were married but now has my name on the deed without my signature? Or if he has asked me to sign as the mortagor because my name is on the deed of the land, am I acutaly obligated to that debt?
Where do you file a mortgage in Georgia?
Well Georgia is a Debt Deed state not a mortgage state. So if you have a debt deed to record you can do it at the clerk's office in the town , city or county where the property is located. Deeds will have to be filed there too.
When a spouse is borrowing money and the wife must sign the mortgage does her name have to be on the warranty deed?
Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.
What is a Rescission of security deed to secure debt?
This means that the escrow paid off the first trust deed using the money from a refinancing. The cancellation of deed to secure debt occurs if a person refinances their mortgage.
What is a Deed to Secure Debt and Security Agreement?
A Deed to Secure Debt is a legal document that creates a security interest in real property to secure a loan or debt obligation, often used in real estate transactions. It formalizes the lender's right to take possession of the property if the borrower defaults on the loan. A Security Agreement, on the other hand, is typically used for personal property and outlines the terms under which a borrower grants a lender a security interest in specific assets. Both documents are essential in protecting the lender's interests and ensuring compliance with the loan terms.
Where do you file a deed to secure debt in Georgia?
In Georgia, a deed to secure debt is filed with the Clerk of the Superior Court in the county where the property is located. This document serves to create a security interest in the property for the lender. It's important to ensure that the deed is properly executed and recorded to be enforceable. Always check with local authorities or legal professionals for specific filing requirements.
If a deed to secure debt in the state of Georgia is not recorded by a mortgage company is it legal and binding?
Georgia is a "race notice" state and uses a deed as the security instrument for a debt affecting real estate. What that means is any instrument that affects real property must be recorded in the land records to be effective notice against the world. If a lender fails to record a security instrument and subsequent liens are recorded against the property the subsequent liens take priority. If the error is discovered and the unrecorded deed to secure a debt is later recorded it becomes a junior lien if the borrower defaults. If the deed to secure the debt was still unrecorded and owner of the real estate conveyed the property by a deed to an innocent third party purchaser that grantee would own the property and the lender would only have a monetary claim against the debtor. Although the deed to secure a debt was not recorded it is still binding upon the property owner who signed it. This information is general information only. You should seek legal advice before making any changes in ownership.
When does a Deed to Secure Debt expire Georgia?
It will expire in 7 years if there is no 20 year clause.
What is the definition of deed to secure debt?
This sounds like another way of saying mortgage--the conveyance of property by a debtor to a creditor which, if the debt is not paid, can be kept by the creditor.
What is a security deed?
A security deed is used as part of a mortgage type transaction. It is a conditional conveyance of the property to the lender while the debt is outstanding. Legal title is transferred to the lender although the original owner has the right to the possession use and enjoyment of the property as long as the conditions of the loan are met. When the debt is paid the lender executes a reconveyance deed of the property back to the owner.
If you default on your mortgage in Ohio can the bank confiscate other property you own in Alaska to pay the debt?
Not unless you gave the interest in the Alaska property as collateral for the loan. If you signed the Security Deed..debt deed with only the Ohio property (unless it contains a "blanket mortgage" clause or cross-collaterazation clause giving the address & legal description to the Alaska property) you are fine. Also the Security Deed or Debt Deed would have to be recorded in Alaska (in the city or county) where the property is to be an enforceable lien.
How does a Deed in Lieu Foreclosure affect Socia security benefits?
A Deed in Lieu Foreclosure can impact Social Security benefits if the forgiven debt is reported as income, potentially increasing the recipient's income and affecting benefit eligibility. It is important to consult with a tax professional to understand the implications on Social Security benefits.
What is a mortgage security instrument?
If I am separted from my husband and not divorced yet can he get a Mortage (Security Instrument) on land that he purchased before we were married but now has my name on the deed without my signature? Or if he has asked me to sign as the mortagor because my name is on the deed of the land, am I acutaly obligated to that debt?
Does recording a title secure an interest in real property?
Recording a mortgage secures an interest in real estate.The instrument used to convey property is called a deed. Recording a deed transfers an interest in real property as long as the grantor in the deed has an interest in the property. The grantee on the deed acquires "title" to the property by virtue of that deed. Having the title to the property examined by a professional title examiner confirms that the person signing the deed owns the land.In order for a creditor to secure an interest in the real estate as security for the debt, they should have the debtor sign a note and a mortgage. That should be accomplished with the help of an attorney who specializes in real estate. All the owners of the property must sign the documents.
If a relative who is on the deed to your house owes an outstanding debt can the debt collector put a lien on your house?
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